Arcturus Therapeutics Holdings Inc. ARCT

Healthcare SIC 2834 - Pharmaceutical Preparations Nasdaq

We are a messenger RNA medicines company focused on the development of liver and respiratory rare disease therapeutics. We have ongoing Phase 2 clinical studies for our RNA therapeutic candidates to potentially treat ornithine transcarbamylase (OTC) deficiency and cystic fibrosis (CF).

We developed the world's first approved self-amplifying messenger RNA (sa-mRNA) vaccine, KOSTAIVE® ("KOSTAIVE"), which we have partnered with Seqirus, Inc. ("CSL Seqirus"), a part of CSL Limited. KOSTAIVE has achieved approval in Japan, the European Union and the United Kingdom as a vaccine against COVID-19, and sales of KOSTAIVE began in Japan in October 2024.

We have several key platform technologies that we leverage to develop and advance a pipeline of mRNA-based therapeutics for rare genetic disorders with significant unmet medical needs and vaccines for infectious diseases. Current mRNA medicines have two critical components: the messenger RNA ("mRNA") constructs and the lipid nanoparticles ("LNP") which help deliver the mRNA to disease-relevant target tissues. We have extensive expertise in the design and optimization of mRNA constructs, including with respect to a type of mRNA technology known as self-amplifying mRNA (sa-mRNA). Our proprietary self-amplifying mRNA technology platform, or STARR® ("STARR"), has been demonstrated to induce a robust, longer-lasting and broader humoral immune response at lower dose levels than conventional mRNA-based vaccines. Our proprietary LNP delivery system, LUNAR® ("LUNAR"), is intended to address the major hurdle in RNA drug development, namely the effective and safe delivery of RNA to disease-relevant target tissues. LUNAR may enable multiple nucleic acid medicines. We also have significant expertise and valuable know-how in the development and scalability of complex and robust manufacturing processes required to deliver the next generation of nucleic acid medicines.

Last close 15.82 2026-09-04
Market cap $449.7M 2026-06-30 share count
52-week range 5.50 - 24.17

Valuation FY2025 figures against the last close

P/S5.5x
P/E
P/FCF
EV/EBITDA
Dividend yield
Diluted EPS-2.40

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Revenue $82.0M$152.3M$166.8M$206.0M$12.4M$9.5M$20.8M$15.8M
R&D $112.2M$195.2M$192.1M$147.8M$173.8M$57.8M$33.6M$17.0M
SG&A $46.1M$52.8M$52.9M$46.1M$41.5M$23.2M$12.7M$20.6M
Total operating expenses $158.3M$248.0M$245.0M$193.8M$215.2M$81.1M$46.3M$37.6M
Operating income -$76.3M-$95.7M-$78.2M$12.2M-$202.9M-$71.5M-$25.5M-$21.8M
Pre-tax income -$65.8M-$80.9M-$27.9M$10.6M-$203.7M-$72.1M-$26.0M-$21.8M
Income tax $4.0K$1.8M$1.3M
Net income -$65.8M-$80.9M-$29.7M$9.3M-$203.7M-$72.1M-$26.0M-$21.8M
EPS, basic -2.40-3.00-1.120.35-7.74
EPS, diluted -2.40-3.00-1.120.35-7.74-3.55-2.15-2.16
Shares, diluted (wtd. avg.) $27.4M$27.0M$26.6M$27.1M$26.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Cash and equivalents $230.9M$237.0M$292.0M$394.0M$372.6M$463.0M$71.4M$36.8M$25.2M
Receivables $5.6M$4.0M$32.1M$2.8M$3.4M$2.1M$2.2M$4.5M
Total current assets $241.4M$306.0M$386.6M$403.3M$379.0M$467.8M$74.3M$41.8M
Property, plant and equipment $6.7M$9.5M$12.4M$12.4M$5.6M$3.4M$2.3M$2.0M
Total assets $271.1M$344.1M$429.4M$450.4M$392.8M$476.5M$82.1M$44.2M
Accounts payable $4.2M$7.2M$5.3M$7.4M$10.1M$10.8M$5.8M$2.4M
Short-term debt $60.7M$22.5M$1.2M
Total current liabilities $36.4M$65.5M$82.0M$127.0M$99.5M$49.5M$21.3M$12.6M
Long-term debt $40.6M$13.8M$15.0M$9.9M
Total liabilities $57.2M$103.1M$150.9M$180.1M$164.6M$79.9M$56.4M$30.6M
Retained earnings -$514.6M-$448.8M-$367.9M-$338.1M-$347.5M-$143.8M-$71.7M-$44.9M
Total equity $214.0M$241.0M$278.5M$270.3M$228.2M$396.6M$25.8M$13.6M$33.8M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Operating cash flow -$74.3M-$59.7M-$18.1M$32.0M-$135.0M-$42.9M-$6.4M-$20.8M
Stock-based compensation $25.4M$38.0M$34.6M$30.6M$28.9M$6.8M$2.0M$1.3M
Capital expenditure $230.0K$648.0K$2.9M$7.7M$3.4M$1.7M$818.0K$1.5M
Investing cash flow -$230.0K-$648.0K-$2.9M-$7.7M-$3.4M-$1.7M-$818.0K$22.1M
Financing cash flow $13.4M$5.4M-$24.1M-$2.9M$48.0M$436.1M$41.9M$10.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-088391.

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